American businessman Stan Kroenke kept Arsenal's shareholders in the dark Thursday about whether he plans to mount a takeover of the Premier League club.
Kroenke has been steadily increasing his stake in Arsenal, with his latest acquisition of shares taking him to 28.9 percent - nearing the 29.9 percent threshold after which he would have to launch a buyout.
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But Arsenal's largest shareholder stayed silent at the annual general meeting when challenged about his intentions for the club.
"I believe he is very happy as a long-term shareholder in Arsenal," chairman Peter Hill-Wood responded, citing legal problems if Kroenke had answered the question.
The Denver-based businessman also owns Major League Soccer side the Colorado Rapids, the NBA's Denver Nuggets and the NHL's Colorado Avalanche.
"Really it's not for me to say what his intentions are," Hill-Wood said, with Kroenke sitting to his right on the top table at Emirates Stadium. "I don't think we are looking for a change in custodian. I think you will find the club is in pretty good hands."
The second largest shareholder, Alisher Usmanov, owns 25 percent of the club but isn't on the board and wasn't at the AGM.
In the past, Usmanov has questioned the lack of funds available to strengthen the squad.
But Hill-Wood insisted Thursday there was no need to issue new shares to provide manager Arsene Wenger with the cash to embark on "reckless" spending sprees.
In fact, Wenger defended his frugal approach to spending at the AGM and insisted that his team's five-year wait for a trophy would end this season.
"It's not just about pumping money into the team," Wenger said. "There is something more magical in our sport and that magic is creating and developing players."
The Frenchman, who became Arsenal's longest-serving manager earlier this month, told shareholders that his philosophy would be vindicated when the European Union imposes stricter financial controls.
